Digital Health Ecosystem Key Trends APAC

FOR THE USE OF THE PURCHASER ONLY | RESALE AND DISTRIBUTION PROHIBITED
DIGITAL HEALTH ECOSYSTEM KEY TRENDS • FY 2020
ASIA PACIFIC
INVESTMENT TRENDS • PIPELINE MATURITY • CATEGORY FOCUS

THERAPEUTIC FOCUS • NOTEWORTHY DEALS • PARTNERSHIPS AND INVESTORS
GALEN GROWTH ― 1 ©2020 by Galen Growth - All rights reserved.

In our fast-changing environment, we are driven to
empower the world’s leading companies to realise
the imperative of partnering with the external digital
health ecosystem to deliver better outcomes for
businesses, customers & society.
TRUSTED BY LEADING CORPORATIONS
Galen Growth with Partnering with Galen Working with Galen Growth
HealthTech Alpha has a lot Growth allows us to grow expands my understanding
of ways to help us, including our impact on the and horizon on partnerships.
its oriented products and ecosystem by funding the Without them, we would
information that help us right startups, connecting have to spend a lot of time
scout the Early Stage the dots and finding the Google’ing, which isn’t easy
landscape. right people to push to get the right information.
products out to market.
DAVID KIANG ALEXIS SERLIN JO PEDDHINTI

Director, Strategy Development Head Asia Cluster Head, Digital Marketing & Innovation
Tencent Healthcare Novartis Sanofi
OUR SOLUTIONS
HEALTHTECH ALPHA HEALTHTECH ACCELERATION NEXT GENERATION SCOUTING RESEARCH

PROGRAMMES SOLUTIONS
Unmatched, unequalled and A full suite of cutting-edge Fast tracking the analysis of Unique, go-to-reference reports
indispensable data from public and HealthTech enterprise acceleration hundreds of thousands of data on the HealthTech ecosystem
ecosystem sources transformed programmes enabling innovation points to pinpoint, evaluate and researched and published by our
into valuable insights through leaders and teams to fast track the prioritise best fit ventures for your data and analyst team to meet
proprietary analytics design and execution of digital organisation ecosystem demand and specific
health strategies client scopes
FOREWORD
We are very pleased to share with you our FY 2020 Asia Pacific Digital Health Ecosystem
report: the deep dive, go-to-reference reportage on key digital health ecosystems across the
region.
Probably the
Despite a year of pandemic headwinds and economic recession in all four corners of the
world, digital health across the globe captured a record-breaking $25B (all currency in USD)
industry’s most
in venture capital funding, which excludes all M&A and IPO activities, up 34% from 2019.
In 2020, the APAC Digital Health ecosystem closed at US$ 6.14B in venture capital funding,
comprehensive and 25% higher as compared to 2019. Again, excluding all M&A and IPO deal activities.
accurate ecosystem
Despite venture funding significantly dropping in the first half of the year, the third and
fourth quarter of the year represented the largest quarters in history, driven by an increased
reports number of mega rounds in China in the second half of the year. When compared to the
previous year, funding value in Series D & beyond stages was up 2.86x, while early stage
funding continues to decrease.
In this report, we focus our analysis on the venture funding key trends, noteworthy deals,
exits, partnerships and investors as well as deep dive into five key focus areas for the region
in 2020.
With unmatched, unparalleled and indispensable coverage of the global digital health
ecosystems, this report is powered by HealthTech Alpha, a Galen Growth proprietary
solution, and the world’s leading on-demand digital health intelligence platform.
GALEN
GALEN GROWTH
G R O W―
T H5 ― 5 ©2020 by Galen Growth - All rights reserved.
CONTENTS
7 16 19 21
INVESTMENT TRENDS CATEGORY FOCUS THERAPEUTIC FOCUS DEEP DIVES
37 43 47
NOTEWORTHY KEY INFORMATION ABOUT GALEN GROWTH

ASIA PACIFIC
INVESTMENT
TRENDS

IN 2020
$6.14 B
OF TOTAL FUNDING WERE DEPLOYED
ACROSS APAC IN
306 DEALS

GLOBAL CONTEXT: FUNDING IN DIGITAL HEALTH
In 2020, cumulative digital health venture funding across the United States, Europe key markets, the Middle East and Asia Pacific closed
at $25.0B, up 34% YoY compared to 2019. APAC represented 24.6% of the global funding invested
$ 17.04B
$10.72B $10.76B
$8.46B
$6.14B
$5.52B $5.57B
$4.91B
$4.03B
$3.54B
$2.37B
$775.1M $881.3M $1.31B
$464.0M $668.9M
$193.6M $333.7M $555.0M
$330.6M
2016 2017 2018 2019 2020

MIDDLE EAST EUROPE APAC UNITED STATES

ASIA PACIFIC SOUTH KOREA

3.0%
2020 FUNDING
DISTRIBUTION PAKISTAN
CHINA
80.2%
JAPAN
3.1%
0.1%
TAIWAN
INDIA <0.4%
COUNTRY TOTAL FUNDING
7.7% MYANMAR
<0.1% HONG KONG
CHINA $4930.0 M ↗
0.3%
VIETNAM
INDIA $472.2 M ↘
0.04%
SINGAPORE $231.6 M ↘
MALAYSIA
SOUTH KOREA $184.4 M ↘ 0.1%
SINGAPORE
JAPAN $190.3 M ↘ 3.8%
I N D O N E S I A
AUSTRALIA $103.6 M ↗ <0.1%
HONG KONG $15.0 M ↘
MALAYSIA $6.9 M ↗
PAKISTAN $3.6 M ↘
AUSTRALIA
TAIWAN $2.7 M ↗
1.7%
VIETNAM $2.5 M ↘
INDONESIA $2.0 M ↘
FUNDING DISTRIBUTION
MYANMAR $0.6 M ↗
0 >$100 M
GALEN GROWTH ― 10 Note: percentages may not total 100 due to rounding ©2020 by Galen Growth - All rights reserved.
ASIA PACIFIC – SUBREGIONS
CHINA SOUTH ASIA NORTHEAST ASIA SOUTHEAST ASIA OCEANIA
TOTAL FUNDING
DEPLOYED IN 2020 $4930.0 M $475.8 M $392.4 M $243.6 M $103.6 M
TOTAL NUMBER OF
DEALS IN 2020 105 60 96 35 10
AVERAGE DEAL SIZE $60.1 M $10.6 M $5.5 M $9.7 M $10.4 M

ASIA PACIFIC CUMULATIVE VENTURE CAPITAL FUNDING ($B)
$6.14
$5.57
DIGITAL HEALTH
$4.91
$4.30
$4.03
$3.82
$3.71
FUNDING HISTORY
$3.54
$3.19
$2.88
$2.61
$2.57
$1.80
$1.51
$1.46
$1.39
$0.81
$0.77
$0.74
$0.53
• Digital Health venture capital deployed in APAC
closed at $6.14B, up 25% compared to total funding
of $4.91B in 2019
Q1 Q2 Q3 Q4
• Q3 with $2.31B and Q4 with $2.43B invested
represented the largest quarters in history, with Q4 2016 2017 2018 2019 2020
exceeding the previous largest quarter, Q2 2018 by
more than 35% VENTURE CAPITAL DEAL VOLUME
• Total venture deal volume closed at 306 deals, down

NO. OF DEALS (BY HALF-YEAR) HEATMAP (BY QUARTER)
25% YoY, with Q4 representing the lowest deal
count this year, following a similar trend we saw in Q1 Q2 Q3 Q4
2019 545 576
537 2020
• Average deal size in 2020 was at $26.4M, up 55% as 407 2019
compared to 2019, largely driven by the second half
267 269
281 306
of the year 2018
192
132
2017
• 21 Mega Deals (>$100M) were closed in APAC in
2020, up by 8 deals as compared to 2019, 278 268 295 215 174 2016
experiencing a strong uptick in the second half of
2016 2017 2018 2019 2020 DEAL VOLUME
the year where 17 of such deals were closed
H1 H2
COLD HOT
APAC QOQ DIGITAL HEALTH FUNDING 2016 – 2020

$3,000.00
180
$2,500.00
160
147 146 149
142 139
133 134 137
132 130
118 121 $38.7 M

$2,000.00
110
105 105
95
87
79 80
69
63
$1,500.00
$3.28 M
30
$1,000.00
-20
$500.00
$1,462
$1,280
$1,076
$1,061
$1,798
$1,689
$1,273
$1,460
$1,733
$1,096
$2,315
$2,436
$525
$658
$741
$766
$808
$624
$768
$625
$- -70
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019 2020
FUNDING AMOUNT ($M) NO. OF DEALS AVG DEAL SIZE

* Excluding deals with non-disclosed value
APAC DIGITAL HEALTH ECOSYSTEM FUNDING BY STAGE
Total funding in all but Series D & beyond venture deals decreased as compared to 2019 whilst Series D & beyond deals increased
significantly by more than 2.8x
$263.8 M
$219.5 M
$237.9 M
$114.4 M
$857.1 M
$783.0 M
$603.6 M
$387.3 M
$586.5 M
$446.7 M
$574.0 M
$852.6 M
$839.6 M
$589.2 M
$966.1 M
$80.4 M
$1.37 B
$1.25 B
$1.59 B
$1.89 B
$1.84 B
$1.34 B
$1.04 B
$1.60 B
$2.76 B
EARLY SERIES A SERIES B SERIES C SERIES D & BEYOND
2016 2017 2018 2019 2020

FUNDING AMOUNT ($)
APAC DIGITAL HEALTH VENTURE MATURITY PIPELINE
Ventures incorporated between 2013 and 2015 make up for the most digital health ventures in APAC incorporated between 2012 and
2020 that were acquired or are publicly listed
EARLY STAGE SERIES A SERIES B SERIES C SERIES D & BEYOND EXIT
INC. YEAR
2012
2013
2014
2015
2016
2017
2018
2019
2020
VENTURE VOLUME
GALEN GROWTH ― 15 LOW HIGH ©2020 by Galen Growth - All rights reserved.
ASIA PACIFIC
CATEGORY
FOCUS

MOST FUNDED DIGITAL HEALTH CLUSTERS (BY VALUE)
With more than $4B invested, the 5 most funded Digital Health Clusters represented approximately 73% of the total funding released in
2020
MOST FUNDED CLUSTERS IN 2020 LARGEST DEAL (2020)
19%
OTHERS MEDICAL DIAGNOSTICS $1.2 B 3D Medicine (思路迪)
1
28% $229.0 M (Series H)
TOTAL FUNDING 2 ONLINE MARKETPLACE $939.2 M JD Health (京东健康)

$830.0 M (Pre-IPO)
IN APAC (2020)
$6.14 B 15% 3 HEALTH MANAGEMENT

SOLUTIONS
$896.8 M Medbanks (思派集团)
$305.4 M (Series E)
8% 4 POPULATION HEALTH $885.5 M DXY (丁香园)

MANAGEMENT $500.0 M (Series E)
5 INSURTECH $512.6 M Shuidi (水滴互助)

14% 15% $200.0 M (Series D)
GALEN GROWTH ― 17 Note: For our Digital Health Taxonomy, clusters and category, please refer to slide 44 ©2020 by Galen Growth - All rights reserved.
APAC CATEGORY DEAL VOLUME HEATMAP

2016 2017 2018 2019 2020
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
HEALTH MANAGEMENT SOLUTIONS
HEALTH SERVICES SEARCH
INSURTECH
MEDICAL DIAGNOSTICS
MEDICAL EDUCATION
ONLINE HEALTH COMMUNITIES
ONLINE MARKETPLACE
PATIENT SOLUTIONS
POPULATION HEALTH MANAGEMENT
REMOTE MONITORING
RESEARCH
TELEMEDICINE
VETERINARIAN
WELLNESS
*Note: In alphabetical order

DEAL VOLUME
LOW HIGH
ASIA PACIFIC
THERAPEUTIC
FOCUS

MOST FUNDED THERAPEUTIC FOCUS AREAS
The five most attractive therapeutic focus areas increased in value as compared to 2019 with ventures focusing on Oncology remaining
the most invested, up 30%
ONCOLOGY CARDIOVASCULAR DISEASES DIABETES INFECTIOUS DISEASES MENTAL HEALTH
$1670.0 M ↗ $396.1 M ↗ $226.3 M ↗ $181.6 M ↗ $82.0 M ↗
2020
$874.7M ↘ $313.7 M ↘ $199.2 M ↘ $76.9 M ↗ $68.4 M ↘
2019
$1290.0 M ↗ $798.2 M ↗ $443.0 M ↗ $32.1 M ↘ $73.5 M ↗
2018
$870.6 M ↗ $203.9 M ↗ $134.7 M ↘ $64.9 M ↗ $58.4 M ↘
2017
$498.7 M $135.2 M $174.1 M $44.6 M $86.3 M
2016
EARLY STAGE SERIES A SERIES B SERIES C SERIES D & BEYOND ↗ ↘ YoY CHANGE

DEEP DIVES
THERAPEUTIC FOCUS AREAS
ONCOLOGY
MENTAL HEALTH
CARDIOVASCULAR DISEASES
DIGITAL HEALTH CLUSTERS
MEDICAL DIAGNOSTICS
ONLINE MARKETPLACE
DEEP DIVE:
ONCOLOGY

ASIA PACIFIC VALUE PROPOSITION

DEAL VOL
SHARE
PP CHANGE
FROM 2019
47 DEALS
IN 2019
DEEP DIVE: DIAGNOSIS 40% -6 pp
RESEARCH 15% +2 pp
ONCOLOGY TREATMENT 11% +4 pp
56 DEALS ADHERENCE 9% -5 pp
IN 2020
CLINICAL
9% +5 pp
WORKFLOW
• Funding activity in Oncology focused ventures
increased by 19% YoY to 56 deals OTHERS 16% 0 pp
• Ventures with solutions to make the Diagnosis value

proposition more effective continued to attract the
most funding, followed by those with focus on YOY FUNDING HISTORY CUMULATIVE FUNDING IN 2020
clinical workflow, up 5 percentage points (pp) as
compared to 2019 $1.67 B
89 56
• Total funding in Oncology increased by 90.9% to
$1.67B with Medbanks ( 思派网络 ), Singlera 73
69 44
Genomics ( 鹍远基因 ) and Genecast ( 臻和科技 )
raising the 3 largest deals in APAC 56
32
47
11
$1.67 B
$1.29 B
$ 0.07 B
$ 0.5 B
$ 0.9 B
$ 0.8 B
2016 2017 2018 2019 2020
FUNDING AMOUNT ($) NO. OF DEALS

VENTURE SPOTLIGHT: ONCOLOGY
Ventures focusing on Oncology in APAC which have raised the most funding in 2020
MEDBANKS SINGLERA GENOMICS GENECAST

(思派网络) (鹍远基因) (臻和科技)
Clinical Trials Genomics-Related Genomics-Related
Diagnostics Diagnostics
LATEST STAGE LATEST FUNDING LATEST STAGE LATEST FUNDING LATEST STAGE LATEST FUNDING
Series E $305.4 M Series B $152.6 M Series E $149.4 M
VALUATION* MATURITY SCORE VALUATION* MATURITY SCORE VALUATION* MATURITY SCORE

$2.35 B 81.0 $732.6 M 84.3 $1.15 B 84.7
DESCRIPTION DESCRIPTION DESCRIPTION

Medbanks (思派网络) supports oncologists Singlera Genomics (鹍远基因) is committed Genecast (臻和科技) uses next-generation
with patient management through site to the application of next generation sequencing technology and bioinformatics
management organisation for clinical trials sequencing to diagnose genetic diseases in the precise diagnosis and attendant
(SMO), real-world evidence and more. and disorders. diagnosis of non-invasive-based oncology.
GALEN GROWTH ― 24 Note: Valuations are projected within HealthTech Alpha and refer to objective ecosystem-adjusted valuations ©2020 by Galen Growth - All rights reserved.
DEEP DIVE:
MENTAL HEALTH


DEAL VOL
SHARE
PP CHANGE
FROM 2019
20 DEALS
IN 2019
DEEP DIVE: ADHERENCE 42% +12 pp
TREATMENT 17% -2 pp
MENTAL HEALTH AWARENESS 8% -16 pp
17 DEALS PREVENTION 8% -8 pp
IN 2020
DIAGNOSIS 6% -1 pp
• Funding activity in Mental Health focused ventures
decreased by 3 deals to 17 deals in 2020 OTHERS 19% +12 pp
• Adherence focused ventures increased their share to

more than 40% in 2020, up 12 percentage points
(pp). Other value propositions, including clinical YOY FUNDING HISTORY CUMULATIVE FUNDING IN 2020
workflow and research, also increased significantly
by 12 pp, representing 19% of all deals in Mental $82.0M
32
17
Health in 2020
29
27
• Total funding in Mental Health focused ventures
increases by approximately 20% to $82M with 13
20
Simple Psychology (竹间科技), Holmusk and Haoxin
17 10
Qing (好心情) attracting the highest funding
$86.3 M
$58.4 M
$73.5 M
$68.4 M
$82.0 M
$0.0 M
1
2016 2017 2018 2019 2020 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

VENTURE SPOTLIGHT: MENTAL HEALTH
Ventures focusing on Mental Health in APAC which have raised the most funding in 2020
SIMPLE PSYCHOLOGY HOLMUSK HAOXIN QING

(竹间科技) (好心情)
Physician Network Disease Management Teleconsultation
Series C $30.5 M Series A $21.5 M Series B $17.8 M

$179.1 M 68.8 $96.8 M 80.7 $169.6 M 73.7

Simple Psychology (竹间科技) is a network Holmusk aims to develop a system-wide Haoxin Qing (好心情) is a mental health-
platform which helps patients find a integrated care model by integrating their focused mobile medical platform which
suitable psychological counsellor and helps work on chronic metabolic diseases with provides private psychological counselling
psychologists exchange cases. their mental health RWE platform. medical record management and more.
DEEP DIVE:
CARDIOVASCULAR
DISEASES


DEAL VOL
SHARE
PP CHANGE
FROM 2019
42 DEALS
IN 2019
DEEP DIVE: DIAGNOSIS 30% +7 pp
ADHERENCE 27% +2 pp
CARDIOVASCULAR TREATMENT 15% +3 pp
DISEASES 32 DEALS
IN 2020
CLINICAL
7% 0 pp
WORKFLOW
NON-CLINICAL
7% +1 pp
WORKFLOW
• Funding activity in ventures focused on
Cardiovascular Diseases decreased by 23% YoY to OTHERS 9% -11 pp
32 deals executed
• Ventures with focus on addressing the Diagnosis YOY FUNDING HISTORY CUMULATIVE FUNDING IN 2020
and Adherence value propositions attracted most of
the deals in 2020, up 7 and 2 percentage points (pp), $396.1 M
46
respectively 30
39
• The significant increase in attractiveness of ventures
25
targeting the Diagnosis value proposition resulted in 30 31 30
Diagnosis becoming the most attractive value
proposition in Cardiovascular Diseases in 2020 15
• Total funding in Cardiovascular Disease focused

$135.2 M
$203.9 M
$798.2 M
$313.2 M
$396.1 M
$52.4 M 8
ventures increased by 25% to $396.1M with
Weimai ( 微脉 ) and Biofourmis attracting both
$100M mega-deals

VENTURE SPOTLIGHT: CARDIOVASCULAR DISEASES
Ventures focusing on Cardiovascular Diseases in APAC which have raised the most funding in 2020
WEIMAI BIOFOURMIS SHUKUN

(微脉) (数坤科技)
Disease Management Digital Therapeutics Medical Imaging
Series C1 $100.0 M Series C $100.0 M Series B2 $29.2 M

$688.2 M 85.7 $588.2 M 93.5 $192.3 M 79.3

Weimai (微脉) offers an integrated health Biofourmis discovers, develops and delivers Shukun ( 数坤科技 ) harnesses artificial
platform which includes all relevant clinically validated, software-based digital intelligence in medical imaging, which can
medical and health information on a city- therapeutics powering personalised be used in the diagnosis of cardiovascular
by-city basis. predictive care. diseases and pulmonary diseases.
DEEP DIVE:
MEDICAL
DIAGNOSTICS


DEAL VOL
SHARE
PP CHANGE
FROM 2019
55 DEALS
IN 2019
DEEP DIVE: DIAGNOSIS 54% +1 pp
TREATMENT 21% +6 pp
MEDICAL DIAGNOSTICS ADHERENCE 18% -3 pp
72 DEALS
IN 2020 RESEARCH 7% 0 pp
• Funding activity in Medical Diagnostics focused CLINICAL WORKFLOW 7% 0 pp

ventures increased by 31% to 72 deals in 2020
OTHERS 9% -5 pp
• Of the 72 deals, 54% of the ventures are dedicated
to improving the Diagnosis value proposition, up
1 pp, while 21% are targeting to improve Patient YOY FUNDING HISTORY CUMULATIVE FUNDING IN 2020
Treatment, up 6 pp
$1.14 B
• Driven by more deals in 2020, total funding in 72
106
Medical Diagnostics closed at $1.14B, up 81% as
compared to 2019 85 62
• The funding was significantly driven by funding in 71 72

44
growth and late-stage ventures, including a Series H 55
investment round in 3D Medicine (思路迪)
$430.5 M
$717.3 M
$822.0 M
$627.8 M
$1.14 B
$71.3 M
15

VENTURE SPOTLIGHT: MEDICAL DIAGNOSTICS
Medical Diagnostics ventures in APAC which have raised significant funding in 2020
3D MEDICINE MEDGENOME VISION MEDICALS

(思路迪) (微远基因)
Genomics-related Diagnosis Genomics-related Diagnosis Genomics-related Diagnosis
Series H $229.0 Series D $55.0 M Series B $28.9 M

$1.76 B 94.8 $423.1 M 87.1 $138.7 M 69.1

3D Medicine is a leading precision medicine MedGenome is a global leader in Vision Medicals (微远基因) is a provider of
company in China focused on advancing personalised medicine with unique genomic pathogenic gene diagnostic services
science to save the lives of cancer patients. solutions in immuno-oncology, focusing on infection-precise medical
ophthalmology, and rare diseases. treatment and other new technologies.
DEEP DIVE:
ONLINE
MARKETPLACE


DEAL VOL
SHARE
PP CHANGE
FROM 2019
32 DEALS
IN 2019
SUPPLY /
DEEP DIVE: DISTRIBUTION
31% +2 pp
ONLINE MARKETPLACE TREATMENT 28% +1 pp
ADHERENCE 11% -1 pp
19 DEALS
IN 2020 PREVENTION 8% -2 pp
• Funding activity in Online Marketplace focused AWARENESS 7% -4 pp

ventures decreased by 13 deals to 19 in 2020
OTHERS 15% +5 pp
• Funding in other value propositions, especially non-
clinical workflow experienced the largest increase in
venture funding as compared to 2019, as more YOY FUNDING HISTORY CUMULATIVE FUNDING IN 2020
Online Marketplaces are diversifying to VIMPROs
(Vertically Integrated Micro-PROviders), to start $939.219
M
offering other solutions, such as teleconsultation 41
services or pharmacy informations systems 17
34 34
32
• Total funding in Online Marketplaces focused
12
ventures increases by 49% largely driven by JD
Health’s Pre-IPO venture funding, prior to listing in 19
December $691.3 M 7
$261.6 M
$603.1 M
$627.3 M
$939.2 M
$18.2 M
• In March, Doctor Anywhere, traditionally a
Teleconsultation provider, has raised $27.0M the
largest Series B deal in Singapore till date

VENTURE SPOTLIGHT: ONLINE MARKETPLACE
Online Marketplace Ventures in APAC which have raised significant funding in 2020
DOCTOR ANYWHERE MAMAEARTH YAODOUWANG

(药兜网)
Teleconsultation
Consumer Marketplace Consumer Marketplace Consumer Marketplace
Series B $27.0M Series B $18.2M Series B $14.3M

$126.0M 78.2 $87.4 M 66.8 $68.59M 68.0

Doctor Anywhere is a tech-led healthcare Mamaearth offers natural, toxin-free Yaodouwang (药兜网) is a third-party
company founded to improve healthcare products for mother and baby care. medical e-commerce system based on B2B
delivery and provide convenient access to Mamaearth offers over 35 products in the and O2O procurement transactions which
health and wellness solutions. baby personal care segment, pre-natal and provides online trading services for
post-natal products for mothers and more. pharmaceutical manufacturers and more.
ASIA PACIFIC
NOTEWORTHY

2020 NOTEWORTHY DEALS
STARTUP INVESTORS COUNTRY CATEGORY STAGE DATE DEAL VALUE ($)
JD Health Consumer
Hillhouse Capital China Series B 08 / 2020 $ 830.0 M
(京东健康) Marketplace
WeDoctor Integrated
undisclosed China Series E1 12 / 2020 $350.0 M
(微医) Solutions
XtalPi 5Y Capital,
China Drug Discovery Series C 09 / 2020 $318.8 M
(晶泰科技) Softbank
Medbanks Jeneration Capital,

China Clinical Trials Series E 12 / 2020 $305.4 M
(思派网络) Tencent Holdings
Shuidi
Swiss Re China Health Insurance Series D 08 / 2020 $200.0 M
(水滴互助)

2020 NOTEWORTHY EXIT DEALS (IPOs)
OPENING AMOUNT RAISED MARKET % CHANGE IN

STARTUP COUNTRY CATEGORY DATE
PRICE ($) AT IPO ($) CAPITALIZATION ($) PRICE SHARE*
JD Health Consumer
China 12 / 2020 $21.7 $3.5 B $2.29 B + 129%
(京东健康) Marketplace
Karadanote Consumer
Japan 10 / 2020 $1.00 Undisclosed $21.5 M + 28%
(カラダノート) Education
OliveX Hong Kong Smart Equipment 08 / 2020 N/A N/A N/A N/A
Genetron Health Genomics-Related

China 06 / 2020 $4.03 $256.0 M $44.6 - 55%
(泛生子) Diagnosis
Burning Rock Dx Genomics-Related

China 06 / 2020 $16.0 $247.8 M $1.17 B - 17%
(燃石医学) Diagnosis
Medical MOOC
China HCP Education 02 / 2020 $24.63 $12.0 M $2.55 B - 2%
(医学慕课)

2020 NOTEWORTHY EXIT DEALS (M&A)
STARTUP ACQUIRER COUNTRY CATEGORY DATE DEAL VALUE ($)
Medlife PharmEasy India Consumer Marketplace 09 / 2020 $ 235.0 M
Netmeds Reliance Retail India Consumer Marketplace 08 / 2020 $83.3 M
Deep
Regent Pacific Hong Kong Prescriptive Analytics 08 / 2020 $3.8 M
Longevity
Alliance
Jaga-Me Singapore Home Healthcare 01 / 2020 $2.6 M
Healthcare Group
BioMark undisclosed Singapore Digital Therapeutics 11 / 2020 undisclosed

2020 APAC MOST ACTIVE INVESTORS
LATEST PARTICIPATED AMOUNT

INVESTOR TYPE NO. OF DIGITAL HEALTH DEALS DATE
INVESTMENT INVESTED ($)
ASIA PACIFIC (2020) TOTAL
Medbanks
5Y Capital Venture Capital 8 32 12 / 2020 $305.4 M
(思派网络)
Singlera
China Capital
Venture Capital 8 17 Genomics 12 / 2020 $152.6 M
Investment Group
(鹍远基因)
Medbanks
Tencent Holdings Venture Capital 7 53 12 / 2020 $305.4 M
(思派网络)
Weimai
Baidu Ventures CVC 6 22 (微脉) 12 / 2020 $100.0 M
Sequoia Capital Naxions

Venture Capital 6 56 10 / 2020 $29.9 M
China (诺信创联)

2020 APAC NOTEWORTHY PARTNERSHIPS
CORPORATE STARTUP COUNTRY DATE CATEGORY
SpesNet Docdoc Singapore 12 / 2020 Medical Concierge
GloriousMed
AstraZeneca China 11 / 2020 Disease Management
(仁东医学)
Janssen Insilico Medicine Hong Kong 11 / 2020 Drug Discovery
Odayaku Electric FamiOne

Japan 10 / 2020 Health Information Platform
Railway (ファミワン)
Apollo Clinic Niramai India 09 / 2020 Diagnosis Tools

KEY
INFORMATION

KEY INFORMATION
SCOPE OF REPORT KEY TERMS AND DEFINITIONS
This report covers HealthTech ventures with incorporation date after 2002 in Asia Pacific. BASE CURRENCY USD
Ventures incorporated outside Asia Pacific have not been included in this analysis.
EARLY STAGE All deals up to and including Pre-A & Series A stage
HealthTech is defined as the intersection between healthcare and technology, and is also GROWTH STAGE All deals at Series B & C stage
referred to as digital health. HealthTech does not include Biotech (protein research or
pharmaceuticals), MedDev (devices that are mechanical and electronic in nature), neuro- LATE STAGE All deals at Series D & Beyond stage
stimulates, opiods and minimal-invasive instruments. We recommend reviewing our
EXIT IPO, SPAC and M&A deals
taxonomy on the next page for further details.
HTA HealthTech Alpha
DATA SOURCING AND TRACKING IMPORTANT INFORMATION

Galen Growth tracks a comprehensive inventory of key data points ranging from company This report is provided solely for informational purposes and was prepared in good faith on
demographics, funding and valuation to in-market capabilities on a continuously growing the basis of public information available at the time of publication without independent
and curated list of HealthTech ventures drawn from global markets. Data is collated from verification. Numbers will be updated from to time to reflect information identified after the
primary research, public domain sources (press releases, news, public fillings), proprietary event.
analytics and from its unique network.
Galen Growth does not guarantee or warrant the reliability or completeness of the data nor
The information is: its usefulness in achieving any particular purposes.
• Disclosed and undisclosed by nature
Galen Growth shall not be liable for any loss, damage, cost or expense incurred by reason
• Continuously updated with the latest data because of any persons use or reliance on this report.
• Curated from both direct and indirect verified sources This report is a proprietary aggregation of publicly available and undisclosed data and shall
• Augmented with our proprietary algorithms not be forwarded or reproduced without the prior written consent of Galen Growth.
Each HealthTech Alpha Index and Score is calculated using proprietary algorithms and data
points drawn from our carefully curated HealthTech Alpha database. We recommend RESEARCH INQUIRIES
reviewing our venture spotlights for further insights.
For more information about data, research and Galen Growth’s proprietary algorithm
contact: dario.heymann@galengrowth.com for more information.

ANALYTICS RELEVANT TO DECISION-MAKING

The HealthTech Alpha Venture Maturity assessment is a set of
composite indices based on our proprietary algorithms which
Alpha Score Calculation Flow
leverage and analyse over 75 million data points and calculates
these unique indices for each venture.
There are five distinct and independent Alpha Indices which

are computed into one final Alpha Score as follows:
Momentum index: Evaluates the maturity and performance

of the HealthTech venture relative to itself and ecosystem peers
Market index: Measures the health of the sector category and sub-
category in which a startup competes
Money index: Quantifies the financial strength and wellbeing of a
HealthTech startup based on its financial history, and investor quality
Innovation index: Assesses the relevance of an HealthTech
venture to the ecosystem
Valuation: Estimates the current and next funding stage valuation of
a venture based on market-to-market calibration
The Alpha Score or Maturity Index: The composite score based

on the five Alpha indices which enables a comparison ranking
and provides a 3D assessment of each venture.

OUR TAXONOMY
Health Services Search InsurTech Remote Monitoring Health Management Solutions Telemedicine
Medical Concierge Health Claim Management Home Healthcare EHR / EMR Teleconsultation
Medical Tourism Medical Payments Remote Monitoring Devices Physician / Clinic Teleradiology
Track & Trace Health Insurance Care Coordination Hospital Telepathology
Triage Pharmacy
Prescriptive Analytics
Online Marketplace Medical Diagnostics Medical Education Patient Solutions Population Health
Consumer Marketplace Medical Imaging HCP Education Digital Therapeutics Management
Professional Marketplace Diagnosis Tools Health Information Platform Patient Self-Diagnosis Corporate Health
On-demand Lab Tests Genomics Related Diagnosis Consumer Education Disease Management Integrated Solutions
Online Health Research Wellness Veterinarian Others

Communities Drug Discovery Wellness Apps Health Forums Social Enterprise
Patient Health Forums Next Generation Sequencing Wearables Animal Imaging HCP Job Board
Physician Networks Genomics Related Research Smart Equipment Animal Monitoring Software Provider
Other HCP Networks Clinical Trials Wellness Information Platform Contamination Management
Genomics Related Applications

ABOUT
GALEN GROWTH

GALEN GROWTH
UNITED STATES | ASIA PACIFIC | EUROPE | MIDDLE EAST
Galen Growth is the trusted expert in digital health innovation
across the entire value chain of healthcare: from R&D to
payments. With our unmatched coverage of APAC, Europe, Middle
East and United States digital health ecosystems, we bridge the
ambitions of global headquarters and investor teams, to enable
near-term and tangible business results.

OUR DIFFERENTIATORS
1 2 3
GLOBAL REACH CORE SOLUTIONS RECOGNISED SPECIALISTS
Unmatched global Cutting edge HealthTech Proven team track record
ecosystems coverage innovation solutions
• Unmatched, unequalled and • HealthTech Alpha: Real-time data, analysis • Preferred partner for many leading
indispensable breadth, depth, and news at your fingertips corporations and investors
accuracy and velocity of global data • Next Gen Scouting: Problem statement • Trusted advisor with superb client
• 4 regions, 7,300+ ventures, and 75+ driven scouting, selection and profiling credentials
million data points • Specialist team with extensive industry
• Acceleration Solutions: Empowering
• Unique global network of digital enterprise innovation teams to win leadership experience and proven track
health innovation leaders record
• Research: Go-to-reference digital health
• Offices in Asia and Europe research • Team members in Japan, Switzerland,
Singapore and soon the USA
• Events: Matchmaking dedicated to
enterprise leaders, investors and startups

HEALTHTECH ALPHA
Real-time data, analysis and news at your fingertips
HealthTech Alpha empowers investors, corporates and startups to fast track
their digital health strategy by transforming tens of millions of ecosystem
data points into valuable insights, to rapidly and confidently select best fit
ventures for growth.
Rapidly Shape Unlock Vital Accelerate

Your Decisions Insights Your Strategy
7300+ 6700+ 9500+ 6000+

STARTUPS INVESTORS PARTNERSHIPS CORPORATES
FIND OUT MORE

OUR IMPACT Scaling the most promising
ON THE DIGITAL HEALTH ECOSYSTEM
digital health startups together
2021 GALEN GROWTH HEALTHTECH COHORT
Our exclusive annual partnership program provides a gateway for
startups to engage with our unmatched network of corporates and
investors, pitch their business roadmaps and discuss critical digital
health issues.
No fees, no equity taken as we collaborate to push innovation
further.
Deal Factory Events Meet-the-CEO Exclusive HealthTech Cohort

Interview Series Summit
FIND OUT MORE

THE GALEN GROWTH DIFFERENCE
Monitor, evaluate and engage with the globe’s Start with the entire ecosystem picture versus
HealthTech innovation ecosystems a snapshot before zooming into best fit
ventures
Focus valuable resources on partnership deal Build stronger capabilities and sustainable
execution for near term business impact organisational knowledge
versus the grind of research
Fast track your timelines to achieve earlier Operate with the most comprehensive and
business impact accurate data that is never out of date
Develop real time actionable insights and Mitigate risks and avoid hype
transparency to the fast changing ecosystem
OUR PARTNERS
Asia’s Leading
Life Insurer

FEATURED IN

Galen Growth Asia Pte Ltd
100 Amoy Street
Singapore 069920
Galen Growth GmbH
CONTACT
Switzerland Innovation Park Basel Area
Fabrikstrasse 2
Basel 4056
Switzerland
For Pharmaceutical and Medical Devices

julien.desalaberry@galengrowth.com
For Insurance
matt.whittingham@galengrowth.com
For Japan
galengrowth.com hajime.sato@galengrowth.com
twitter.com/galengrowth Europe
linkedin.com/company/galen-growth julien.desalaberry@galengrowth.com

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FOR THE USE OF THE PURCHASER ONLY | RESALE AND DISTRIBUTION PROHIBITED

DIGITAL HEALTH ECOSYSTEM KEY TRENDS • FY 2020

INVESTMENT TRENDS • PIPELINE MATURITY • CATEGORY FOCUS

GALEN GROWTH ― 1 ©2020 by Galen Growth - All rights reserved.

DAVID KIANG ALEXIS SERLIN JO PEDDHINTI

HEALTHTECH ALPHA HEALTHTECH ACCELERATION NEXT GENERATION SCOUTING RESEARCH

GALEN GROWTH ― 6 ©2020 by Galen Growth - All rights reserved.

GALEN GROWTH ― 7 ©2020 by Galen Growth - All rights reserved.

GALEN GROWTH ― 8 ©2020 by Galen Growth - All rights reserved.

GLOBAL CONTEXT: FUNDING IN DIGITAL HEALTH

2016 2017 2018 2019 2020

GALEN GROWTH ― 9 ©2020 by Galen Growth - All rights reserved.

ASIA PACIFIC SOUTH KOREA

ASIA PACIFIC – SUBREGIONS

CHINA SOUTH ASIA NORTHEAST ASIA SOUTHEAST ASIA OCEANIA

AVERAGE DEAL SIZE $60.1 M $10.6 M $5.5 M $9.7 M $10.4 M

GALEN GROWTH ― 11 ©2020 by Galen Growth - All rights reserved.

ASIA PACIFIC CUMULATIVE VENTURE CAPITAL FUNDING ($B)

• Total venture deal volume closed at 306 deals, down

APAC QOQ DIGITAL HEALTH FUNDING 2016 – 2020

118 121 $38.7 M

FUNDING AMOUNT ($M) NO. OF DEALS AVG DEAL SIZE

APAC DIGITAL HEALTH ECOSYSTEM FUNDING BY STAGE

2016 2017 2018 2019 2020

APAC DIGITAL HEALTH VENTURE MATURITY PIPELINE

GALEN GROWTH ― 16 ©2020 by Galen Growth - All rights reserved.

MOST FUNDED DIGITAL HEALTH CLUSTERS (BY VALUE)

MOST FUNDED CLUSTERS IN 2020 LARGEST DEAL (2020)

TOTAL FUNDING 2 ONLINE MARKETPLACE $939.2 M JD Health (京东健康)

$6.14 B 15% 3 HEALTH MANAGEMENT

8% 4 POPULATION HEALTH $885.5 M DXY (丁香园)

5 INSURTECH $512.6 M Shuidi (水滴互助)

APAC CATEGORY DEAL VOLUME HEATMAP

HEALTH MANAGEMENT SOLUTIONS

HEALTH SERVICES SEARCH

ONLINE HEALTH COMMUNITIES

POPULATION HEALTH MANAGEMENT

*Note: In alphabetical order

GALEN GROWTH ― 19 ©2020 by Galen Growth - All rights reserved.

MOST FUNDED THERAPEUTIC FOCUS AREAS

ONCOLOGY CARDIOVASCULAR DISEASES DIABETES INFECTIOUS DISEASES MENTAL HEALTH

$1670.0 M ↗ $396.1 M ↗ $226.3 M ↗ $181.6 M ↗ $82.0 M ↗

$874.7M ↘ $313.7 M ↘ $199.2 M ↘ $76.9 M ↗ $68.4 M ↘

$1290.0 M ↗ $798.2 M ↗ $443.0 M ↗ $32.1 M ↘ $73.5 M ↗

$870.6 M ↗ $203.9 M ↗ $134.7 M ↘ $64.9 M ↗ $58.4 M ↘

$498.7 M $135.2 M $174.1 M $44.6 M $86.3 M

GALEN GROWTH ― 20 ©2020 by Galen Growth - All rights reserved.

DIGITAL HEALTH CLUSTERS

GALEN GROWTH ― 22 ©2020 by Galen Growth - All rights reserved.

ASIA PACIFIC VALUE PROPOSITION

DEEP DIVE: DIAGNOSIS 40% -6 pp

ONCOLOGY TREATMENT 11% +4 pp

• Ventures with solutions to make the Diagnosis value

FUNDING AMOUNT ($) NO. OF DEALS

VENTURE SPOTLIGHT: ONCOLOGY

MEDBANKS SINGLERA GENOMICS GENECAST

VALUATION* MATURITY SCORE VALUATION* MATURITY SCORE VALUATION* MATURITY SCORE

DESCRIPTION DESCRIPTION DESCRIPTION